ERM Power not involved in Infratil's Lumo sale


ERM Power, the ASX-listed energy company, isn't in the running to buy Infratil's [NZX: IFT] energy assets across the Tasman.

Brisbane-based ERM Power is not involved in the sale process for Infratil-owned electricity retailer Lumo and has scotched a report in the Australian Financial Review report that it was involved in the New South Wales government's sale of power stations, it said in a statement to the ASX.

Earlier this week Wellington-based Infratil said it was continuing its strategic review of Infratil Energy Australia, "with parties expressing interesting in progressing options including outright purchase and merger combinations."

Managed by Morrison & Co, Infratil flagged with its results in May that it had started a review of Lumo and Direct Connect Australia units of IEA to determine whether to sell the businesses. Earnings at IEA fell to A$78 million in the year ended March 31, from A$97.7 million a year earlier, with the decline inflated by the effect of translating earnings back into a strong kiwi dollar.​

NZX-listed Infratil shares rose 0.2 percent to $2.445, and have advanced 7.5 percent this year. ASX-listed ERM Power shares rose 4.1 percent to A$2.04 and have fallen 18 percent since the start of the year.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot


Sym Price Change
USD 0.7154 0.0000 0.00%
AUD 0.9414 0.0000 0.00%
EUR 0.6580 0.0000 0.00%
GBP 0.5855 0.0000 0.00%
HKD 5.5559 0.0000 0.00%
JPY 74.1230 0.0000 0.00%


Commodity Price Change Time
Gold Index 1266.0 1.750 2016-10-21T00:
Oil Brent 51.8 0.390 2016-10-21T00:
Oil Nymex 50.9 0.200 2016-10-21T00:
Silver Index 17.5 -0.056 2016-10-21T00:


Symbol Open High Last %
NZX 50 6973.8 6978.9 6973.8 -0.22%
NASDAQ 5238.6 5259.1 5241.8 0.30%
DAX 10710.5 10737.3 10701.4 0.09%
DJI 18152.6 18168.8 18162.3 -0.09%
FTSE 7026.9 7058.4 7026.9 -0.09%
HKSE 23412.7 23500.8 23305.0 0.30%
NI225 17283.8 17288.9 17235.5 -0.30%
ASX 5442.1 5446.9 5442.1 -0.22%